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HomeMy WebLinkAboutThe Wingham Advance-Times, 1988-08-09, Page 8• . .• The Wg lVl4I coMom 8s lk • TOWN OF WINGHAM 1987 CON. TO THE MEMBERS OF COUNCIL, INHABITANTS AND RATEPAYERS OF THE CORPORATION,OF THE' TOWN OF WINGHAM AUDITOR'S REPORT I RAVE EXAMINED THE CONSOLIDATED BALANCE SHEET OF THE CORPORATION OF THE. TOWN OF WINGHAM AS AT DECEMBER 31, 1987 AND THE CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR THEN ENDED. MY EXAMINATION WAS MADE. IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS, AND ACCORDINGLY INCLUDED SUCH TESTS AND OTHER PROCEDURES AS I CONSIDERED NECESSARY IN THE CIRCUMSTANCES. ASSETS: UNRESTRICTED Cash Taxes receivable User charges receivable Accounts receivable Other current assets IN MY,OPINION, Tau CONSOLIDATED FINANCIAL OggMENT$ PRESENT FAIRLY THE :FINANCIAL: POSITION OF THE .CORPORATION OF TH(EWN OF WINGHAM AS AT DECEMBER 31, 1.987, AND THE.RESNLTE ,OF ITS OPERAT1'ONS FOR THE YEAR, THEN ENDEI! IN ACCORDANCE WITI THE ACCO,IN TL"NG P INCIPL.ES DISCLOSED IN NOTE 1 TO TEE FINAgOIAL STATEMENTS, APPLIED ON, A OASIS CONSISTENT WITH THAT OF THE PRECEOING'YEAR. WINGHAM, ONTARIO NOG 2W0 • APRIL 29, 1988 BARRY W. REID CHARTERED ACCOUNTANT 1ICENSE NUMBER 1147 CONSOLIDATED BALANCE SHEET AS AT DECEMBER31, 1987 (WITH COMPARATIVE FIGURES POR 1986) RESTRICTED Cash Accounts receivable Other current assets CAPITAL OUTLAY FINANCED BY LONG-TERM LIABILITIES AND TO BE RECOVERED IN FUTURE YEARS (note 1(b)) 1987 $0 131,398 9,945 319,163 26,378 486,884 106,475 14,678 32,364 153,517 77,275 $717,676 1986 $137,802 112,3.58 8,777 157,989 9,664 426,590 0 10;038 36;237 46,275 139,708 $612,573 mamaaamss LIABILITIES: Temporary loans $29$,574 Accounts payable and accrued liabilities 141,083 Other current liabilities 18,159 Net long-term liabilities (note 7) FUND BALANCES AT THE END OF THE YEAR To be used to offset (or to be recovered from) taxation of user charges (note 8) Unexpended capital financing Reserves (note 9) Reserve funds (note 9) 457,816 • $10,038 120,176 12,783 142,997 77,275 139,708 ( "38,932) 0 68,000 153,517 $717,676 ( 7,102) 52,932 244,806, 39,232 44,806- 39,232 $612,573 .e"aava.a CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31,1987 (WITH COMPARATIVE FIGURES FOR 1986) BUDGET .S.OURCES..OF..FINANCING:, _..... ._...._._..._.,.,_ 1987 'TAXATION AND USER CHARGES (NOTE 1(a)(iii) Residential and Farm Taxation _ $524,200 Commercial, industrial, and business taxation Taxation from other governments User charges GRANTS: Government of Canada Province of Ontario Other municipalities OTHER: Investment income Sale of land Donations Other 373,000 ' 28,700 295,600' 0 785,300 45,000 7,000 0 50,000 21,500 ACTUAL ACTUAL 1907_.....,__.....1986 $525,109 374,114 31,249. 374,56,7 5,603. 892'049 46,230 40,523 48,000 75,478 20,452' NET APPROPRIATIONS PROM RESERVES AND RESERVE FUNDS 48,100 62,521 MUNICIPAL FUND BALANCES AT THE BEGINNING OF THE YEAR (NOTE 8) To be used to offset (or to be recovered from) taxation or user charges Unexpended capital financing Total financing available during the year 1. Accounting policies 7,100) ( 52,900 • $461,880 332,266 27,280 328,626 8,144 765,543 38,070 26,831 0 0 `25,050 7,102) ( 13,580) 52,932 0 $2,224,200 $2,541,725 $2,000,110 arwaaaaa®aaa ass®®ease, .ssa#a..aaa APPLIED TO: __._ _:._ _ . _�.E�IDOET. _ _. 1987 CURRENT OPERATIONS (NOTES 3,10,11.,12) General government Protection to persons and property Transportation services Environmental services Health services Social and"family services __Recreation and cultural services Planning and development CAPITAL General government Protection to persons and property Transportation services Environmental services Health services .Social and family services Recreation and cultural services NET APPROPRIATIONS TO RESERVES AND RESERVE FUNDS MUNICIPAL FUND BALANCES AT THE END OF THE YEAR (NOTE 8) To be used to offset (or to be recovered from). taxation or user charges Unexpended capital financing Total applications during the year $280,400 . 372,900 305,200 130,900 25,400 294,900 216,400 10,600 1,636,700 33,900 20,000 92,200 19,500 2,200- 19,500 4,000. 18,400 so 399,500 587,500 0 0 ---------- 1987- ••••••••••••11.19•••• 987_ $278,828. 369,960 303,560 136,092 22,279 282,528 221,731 12,174 -_--------- - 1,627,152 277,767 26,476 214,623 17,176 0 7,838 409,625 953,505 0 1986 $250,279 367,292 285,712 154,977 33,134 273,,09 209,179 4,054 1,577,936 37,414 32,132 161,402 27,968 3,858 1,246 92,335 ,356,355 19,989 ( 38,932) ( 7,102) 0 52,932 • $2,224,200 $2,541,725 $2,000,110 usuaasasaa ===== sum,* NOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31,1987 The consolidated financial statements of the Corporation of the Town of Wingham are the representation of management prepared in accordance with 8ccounting policies prescribed for Ontario municipalities by the Ministry. of Municipal Affairs. Since precise determi- nation of many assets and liabilities is dependent upon future events, the preparation of periodic financial statements necessarily involves the use of estimates and approxi- mations. These have been made using careful judgments. (a) (i) Basis of Consolidation These consolidated statements reflect the assets, liabilities, sources of finanoing'and expenditures of the revenue fund, capital fund., reserve funds and reserves and include the activities of all committees of Council and the following boards which are under the. Control of Council: Wingham Police Commission Wingham Recreation and Community Centres Board Wingham public Cemetety Wingham Day Care Board All interfund assets and liabilities and sources of financing and expenditures have been eliminated with the exception of loans or advances between reserve funds and any other fund of the municipality and the resulting interest income and expenditur+e9. The not (ii) Non -Consolidated Entities following local boards, joint local, boards, municipal enterprises and utilities are consolidated: Wingham Area Fire -Board Wingham Public Utilities Commission - Water Electric V'¢ a.Q...om,i * m my V g VVIIr ietel i; i w 7 sayti,11.10Yi4.e0 rKrn+rNrsm»ca3Y++t `W* It a thetlf-*Mil • are*41,4*o,tltyo 6e4046.**eswewsteeee'ree"04 2464 Ye aaa.asaa.a (111) Accounting for Region (Comity) and School Board Transactions Yea The taxation,'other revenues, expenditures,assets and ®liabilities with respect to the operations of the school boards, and the County of Huron are not reflected in the of'unicipal fund balances of -these financial statements.. Overlevies are reported on the Consolidated Balance Sheet as "other current liabilities". (iv) Trust funds and their related operations administered by the Municipality are not consolidated, but. are reported separately on the -Trust Funds Statement of Continuity And Balance Sheet" (b) Basis .of Accounting (i) Sources of financing and expenditures are reported on the accrual beets of accounting' with the exception of principal and interest chargee on long term liabilities which are charged against o'perationa in the periods in which they are paid, (11) The accrual basis of accounting recognizes revenues as they become available and measurable; expenditures are recognized as they are incurred and measurable as a result of receipt of goods or services and the creation of a legal obligation to pay. (iii) Fixed Aaseta The historical cost and accumulated depreciation for fixed assets are not recorded for municipal purposes. Fixed •asset: are reported as an expenditure on the Consolidated Statement.of Operations in the year of acquisition. (iv) Capital Outlay To Re Recovered in Future Years "Capital outlay to be recovered in future years", which represents the outstanding principal portion of unmatured long term liabilities for municipal expenditures or capital funds transferred to other organizations, is reported on the "Consolidated Warm! 8heec" m U"arvr eeverNl'M.eC'oe ld'!*aitiyak4.{biArl:11.rtC.mmA.9tma,wpa,w..mW.rm*......ewemreee.mem...m.ewmeemmmmmeea.lenta 9